Our housing market, circa 2007
So here's the deal:
The average price for homes sold in the region -- Baltimore and its five surrounding counties -- was about $317,000. That's up about 2.5 percent from 2006, the smallest increase since MRIS began tracking the metro area in the late '90s.
Sales fell about 20 percent, a bigger drop than 2006. The year started out looking like the market might pull itself out of the slump, but it ended significantly worse -- from a seller and macroeconomic perspective. Economists attribute the change to the 180-degree shift in lending.
Total sales: about 30,000. That's just above 1998, the first year on record.
See tomorrow's story for more details. I also did number-crunching that I couldn't fit into the article and will share it here once I get the time.